Facebook co-founder says Libra will give corporations too much power

CNET | 6/21/2019 | Corinne Reichert
Click For Photo: https://cnet4.cbsistatic.com/img/j4TKtrLVJhrQ0eFnOrJg9jpxfWg=/756x567/2019/06/18/189e4379-27a6-4cdc-93b3-ee50af076a81/libra-association-founding-partners.png

The founding partners of the Libra Association include Mastercard and Visa.

Facebook co-founder Chris Hughes has called the possibility of success for the social network's newly unveiled cryptocurrency "frightening." Libra will shift power from central banks to corporations, he said, penning an article for Financial Times.

Facebook - Week - Digital - Coin - Libra

Facebook earlier this week unveiled a global digital coin called Libra, to be managed by a governing body called the Libra Association and through a wallet named Calibra. Facebook is working alongside 27 launch partners for Libra, including PayPal, Visa, Uber, Coinbase, Lyft, Mastercard, Vodafone, eBay and Spotify, but aims to have 100 members in the Libra Association by 2020.

"If even modestly successful, Libra would hand over much of the control of monetary policy from central banks to these private companies, which also include Visa, Uber, and Vodafone," he wrote Friday. "Inevitably, these companies will put their private interests -- profits and influence -- ahead of public...
(Excerpt) Read more at: CNET
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